Employee Salary Loan (Postdated Cheque)

TFFS offers a short-term salary loan facility against the employee’s next pay cheque in a safe and standardized manner to executive / middle-level management and officers with clearly identified and regular cash flow streams.The objective of this program is therefore to provide bridging finance for middle/executive management and

officers whose salaries are regularlypaid through their bank account and tomeet emergencypersonal needs before receipt of their next monthly salaries or incomes.

Product Description/Features

This product is offered for a maximum tenor of 1 year. Customers are given loan amount up to 65% of their debt servicing capacity and a minimum of loan amount of GHC500.

This employee salary loan product is targeted at an employee cadre with a regular monthly income. It aims to address the drawing requirements of officers that would like to have access to short-term funds for specific purposes without getting involved in tenured obligations.

Target Market

Employees including Executive and Middle Management Employees of public and private sector establishments, e.g. Professionals (partners/directors/senior executives) in Business Consultancy outfits, Law Firms, Accounting Firms and Medical Service whose salaries are regularly paid through their Banks, with minimum after-tax monthly income of not less than GHC200. Such companies must have been in business for not less than 5 years.

Where Professional and self-employed individuals who do not meet the above requirements wish to avail themselves of this product, exceptional processing will be required.
The above target market is characterized by professionals with clearly identified regular cash flow streams. Members of these target group mostly reside in the urban areas and are regularly faced with the need to finance extra living expenses by way of medical, school bills, car maintenance, travelling, and family expenses; both nuclear and extended. A large part of this group are in the management/executive class, willing to explore new ideas and take advantage of opportunities, are often influenced by peers and new trend.